# Ryman Healthcare (RYM.AU)

Canonical: https://gigainvestors.com/s/RYM.AU

Analysis as of: 2026-10-16T07:43:54.959Z. Financial observations: FY2006–FY2026.

Listing currency: AUD. Reporting currency: NZD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 1.45 per share; close as of 2026-10-15.

Estimated value: low AUD 0.00 per share, central AUD 0.00 per share, high AUD 0.01 per share. Buy at or below the central value AUD 0.00 per share. Valuation as of 2026-10-16T07:43:54.959Z; scenarios are not confidence intervals.

Expected annual return: 3.0% at the stated quote. About 3.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 2

- Operating margin variation: 2.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.22×

- FY2018: 0.22×

- FY2019: 0.20×

- FY2020: 0.16×

- FY2021: 0.12×

- FY2022: 0.00×

- FY2023: -0.04×

- FY2024: -0.11×

- FY2025: -0.17×

- FY2026: -0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 24.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: -0.2%

- ROIC, second-lowest year: -0.8%

- Typical minus recent gross margin: 24.2 pp

- Typical gross margin (annual median): 22.0%

- Recent gross margin (lower of latest and 3-year median): -2.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 57.5%

- ROIC including acquisitions, ten-year median: 3.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 1.7%

- FY2021: 1.1%

- FY2022: 0.0%

- FY2023: -0.3%

- FY2024: -0.8%

- FY2025: -1.6%

- FY2026: -0.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 269M

- Net income, five-year total: NZD 346M

- Return on incremental invested capital: -4.2%

- Working capital / revenue, annual change: -5.4 pp

- Working capital / revenue, change between three-year averages: -40.6 pp

- Working capital / revenue, final three-year average: 36.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.94×

- FY2023: 0.88×

- FY2024: 0.07×

- FY2025: 1.01×

- FY2026: 1.00×

### management: fail

- buybacks unrelated to price (informational)

- Per-share earnings: 0.71 to -0.17 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.3%

- Ordinary dilution, 5-year annual growth: 15.2%

- Diluted shares, 10-year annual growth: 7.3%

- Diluted shares, 5-year annual growth: 15.2%

- Per-share value change: NZD -0.88

- Per-share value, starting three-year median: NZD 0.71

- Per-share value, ending three-year median: NZD -0.17

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: NZD 85M

- Cumulative net income, 10 years: NZD 2.1B

- ROIC, last three-year median: -0.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: NZD 0.71

- FY2018: NZD 0.78

- FY2019: NZD 0.65

- FY2020: NZD 0.55

- FY2021: NZD 0.85

- FY2022: NZD 1.30

- FY2023: NZD 0.37

- FY2024: NZD 0.01

- FY2025: NZD -0.43

- FY2026: NZD -0.17

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.7%

- FY2018: 0.7%

- FY2019: -1.1%

- FY2020: -2.3%

- FY2021: 0.1%

- FY2022: 1.6%

- FY2023: -3.1%

- FY2024: -4.5%

- FY2025: -6.6%

- FY2026: -4.0%

## Holders

## Price story

Down 44% since Nov 2025 · sales +12.7%

Story as of 2026-10-16T10:00:12.874Z; price observation 2026-10-15.

Price needs cash profits to grow 88.5% a year for ten years

### Sales · FY2025–2026

sales +12.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: NZD 289M 

- FY2018: NZD 342M 

- FY2019: NZD 382M 

- FY2020: NZD 438M 

- FY2021: NZD 449M 

- FY2022: NZD 504M 

- FY2023: NZD 560M 

- FY2024: NZD 651M 

- FY2025: NZD 714M 

- FY2026: NZD 804M 

### Gross margin · FY2021

gross margin 13.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 21.9% 

- FY2018: 22.1% 

- FY2019: 21.0% 

- FY2020: 16.9% 

- FY2021: 13.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical care facilities; annual sales are NZD 804.3 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2026: revenue 804298801; grossProfit -17891325; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RYM.AU: Ryman Healthcare Limited develops, owns, and operates integrated retirement villages, rest homes, and hospitals for the older people in New Zealand and Australia. The company's villages provide apartments and townhouses, and assisted-living in serviced apartments, and care center, which offers rest homes, hospitals, specialist dementia care, and respite care services. Ryman Healthcare Limited was founded in 1984 and is based in Christchurch, New Zealand.

### Why customers stay

It lost 0.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2026: grossProfit / revenue = -2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); 10-year return on capital observations [[2020,0.017414143710296332],[2021,0.010778764148981376],[2022,0.00025738427397561074],[2023,-0.0028314988851492425],[2024,-0.007918016225520392],[2025,-0.01573101584530966],[2026,-0.0024792074264743023]]; median -0.0024792074264743023. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2017: growth capex 81679438.57863708; upkeep 127675561.42136292; owner earnings 243952438.57863706. Growth capex / owner earnings = 0.33481706128675587.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2018: growth capex 161140113.26114473; upkeep 40457886.73885527; owner earnings 368818760.26114476. Growth capex / owner earnings = 0.4369086679512949.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2019: growth capex 122892022.7754466; upkeep 58362977.224553406; owner earnings 291820612.7754466. Growth capex / owner earnings = 0.4211218035855847.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2020: growth capex 175307515.93251434; upkeep 124780484.06748566; owner earnings 176416499.93251434. Growth capex / owner earnings = 0.9937138306200144.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2021: growth capex 38023260.95651239; upkeep 218571739.0434876; owner earnings 233861688.9565124. Growth capex / owner earnings = 0.1625886699363699.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2022: growth capex 227597525.93320653; upkeep 71036474.06679347; owner earnings 653688662.9332066. Growth capex / owner earnings = 0.3481741979613654.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2023: growth capex 246709603.2052976; upkeep 77496396.79470241; owner earnings 227218564.2052976. Growth capex / owner earnings = 1.0857810147166909.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); FY2024: growth capex 106622178; upkeep 45263388; owner earnings 351600. Growth capex / owner earnings = 303.2485153583618.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); Dividend observations: [[2017,85000000],[2018,94000000],[2019,108500000],[2020,117000000],[2021,107500000],[2022,112000000],[2023,68089000],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 12.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RYM.AU SharesStats.PercentInsiders = 12.13 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 88.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:54.959Z); Ten-year compound average after fade. Initial solved rate 1.3505005973914042. Price 1.45; FX 0.8124078517533463; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.5275794731324098 → FY2026 -0.17006618480486824. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2025-10: AUD 2.54 per share

- 2025-11: AUD 2.57 per share

- 2025-12: AUD 2.56 per share

- 2026-01: AUD 2.40 per share

- 2026-02: AUD 2.02 per share

- 2026-03: AUD 1.70 per share

- 2026-04: AUD 1.71 per share

- 2026-05: AUD 1.88 per share

- 2026-06: AUD 1.86 per share

- 2026-07: AUD 1.81 per share

- 2026-08: AUD 1.77 per share

- 2026-09: AUD 1.47 per share

- 2026-10: AUD 1.44 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 5.39 per share, central AUD 7.70 per share, high AUD 9.04 per share

- FY2018: low AUD 7.21 per share, central AUD 10.30 per share, high AUD 12.10 per share

- FY2019: low AUD 7.13 per share, central AUD 10.18 per share, high AUD 11.96 per share

- FY2020: low AUD 8.21 per share, central AUD 11.71 per share, high AUD 13.75 per share

- FY2021: low AUD 7.02 per share, central AUD 9.23 per share, high AUD 10.79 per share

- FY2022: low AUD 6.45 per share, central AUD 7.33 per share, high AUD 8.51 per share

- FY2023: low AUD 3.78 per share, central AUD 4.30 per share, high AUD 4.99 per share

- FY2024: low AUD 3.23 per share, central AUD 3.67 per share, high AUD 4.26 per share

- FY2025: low AUD 2.53 per share, central AUD 2.88 per share, high AUD 3.35 per share

- FY2026: low AUD 0.00 per share, central AUD 0.00 per share, high AUD 0.01 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.